Want to buy your first home with a 5% deposit and save up to $10,000?⁣⁣

What exactly is the First Home Loan Deposit Scheme (FHLDS)?

Usually, first home buyers with a deposit of less than 20% have to fork out for LMI when taking out a home loan.



But under the federal government’s FHLDS, eligible first home buyers with only a 5% deposit can purchase a property without having to pay for LMI.

Now, it’s important to note this is not a handout – it’s a government guarantee to help first home buyers break into the property market with a smaller deposit.

But the good news is that it is available alongside other state and federal government first home buyer schemes that are currently running.

More details on eligibility and property price caps can be found on the scheme’s website www.nhfic.gov.au.

Let us run you through the details

If you’re thinking about purchasing your first home soon and are considering applying for this scheme – give us a call today.

While 10,000 spots might sound like a lot, the starter’s gun has already gone off and hundreds of first home buyers could apply for the scheme every day in the first two weeks alone.

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